Q3 2024 JELD-WEN Holding Inc Earnings Call Transcript
Key Points
- JELD-WEN Holding Inc (JELD) has made significant progress in productivity projects, which are positioning the company for stronger performance as market conditions stabilize.
- The company has completed actions to right-size SG&A spending and is exceeding its targeted cost savings for the year, now expecting approximately $115 million in savings.
- JELD-WEN has established 'win rooms' to organize and track new customer acquisition efforts, which are already showing positive results.
- The company is actively addressing quality issues, with significant progress in improving quality in door skin production.
- JELD-WEN continues to streamline operations through footprint consolidation, enhancing capacity and cost structure for long-term profitability.
- Third quarter sales and EBITDA came in below expectations due to challenges from softer volume and mix across North America and Europe.
- The company faced quality and delivery challenges across several manufacturing units, impacting financial performance.
- JELD-WEN lost a stock business of a Midwest retailer, which opted to source windows from China, representing a near-term challenge.
- The company has reached a volume inflection point at several facilities, resulting in increased overtime and lower-than-expected productivity.
- JELD-WEN revised its net revenue guidance for 2024 downward, reflecting a deeper core revenue decline and lower anticipated revenue.
Ladies and gentlemen, thank you for standing by, and welcome to the JELD-WEN third quarter 2024 earnings conference call. (Operator Instructions)
I will now hand today's call over to James Armstrong, Vice President, Investor Relations. Please go ahead, sir.
Thank you, and good morning. We issued our third quarter 2024 earnings release last night, and posted a slide presentation to the Investor Relations portion of our website, which can be found at investors.jeld-wen.com. We will be referencing this presentation during our call.
Today, I'm joined by Bill Christensen, Chief Executive Officer; and Samantha Stoddard, Chief Financial Officer.
Before I turn it over to Bill, I would like to remind everyone that during this call, we will make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties, including those set
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